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FAQs

If you can’t find the answer to your question below, please contact HICL's Administrator & Company Secretary whose contact details are available here.

These FAQs are general in nature and are not intended to provide specific investment, financial, legal, accounting or tax advice, nor do they seek to make any recommendations about the suitability of HICL shares for any particular investor. If you require any such advice, please consult a suitably qualified professional adviser.

No. Following the receipt of legal advice, the Board has confirmed that it conducts the Company’s affairs, and intends to continue to conduct the Company’s affairs, such that the Company would qualify for approval as an investment trust if it were resident in the United Kingdom. It is the Board’s intention that the Company will continue to conduct its affairs in such a manner and that IFAs should therefore be able to recommend its Ordinary Shares to ordinary retail investors in accordance with the FCA’s rules relating to non-mainstream investment products.

What are HICL’s ongoing charges?

HICL is a member of The Association of Investment Companies (“AIC”). Ongoing Charges, in accordance with AIC guidance, are defined as annualised ongoing charges (i.e. excluding acquisition costs and other non-recurring items) divided by the average published undiluted net asset value in the period. On this basis, the Company’s Ongoing Charges Percentage for each of the last five financial years is set out in Financial Performance.

There are no performance fees paid to any service provider.

Further information regarding The Association of Investment Companies may be found via the following external link; www.theaic.co.uk.

What is HICL’s official benchmark?

The Company does not have a benchmark per se, but the FTSE 250 index is used to show relative performance.

What is the Company’s ticker, and what are its ISIN and SEDOL codes?

The Company’s ticker is HICL:LN, and its ISIN and SEDOL codes are GB00B0T4LH64 and B0T4LH6, respectively.

When does HICL announce its results?

The Company’s annual results are normally published in May (in respect of its financial year ended 31 March) and its interim results are normally published in November (in respect of the six months ended 30 September). Please refer to the Corporate Calendar for further information.

When was HICL listed and at what price?

HICL listed on the Main Market of the London Stock Exchange on 29 March 2006 at an issue price of 100p. Further details of the Company’s history are available in Heritage.

Other

What are the meanings of the acronyms that you use?

Some commonly-used acronyms appear throughout the website. An explanation of what each stands for and its general meaning is as follows:

ESG – ‘Environmental, Social & Governance’, is the catch-all term for the criteria used in socially-responsible investing. It refers to the three main areas of concern that have developed as central factors in measuring the sustainability and ethical impact of an investment in a company or business.

FM – ‘Facilities Management’, an interdisciplinary field devoted to the integration of the planning, development and management of a wide range of services, both ‘Hard’ (e.g. building fabric) and ‘Soft’ (e.g. catering, cleaning, security, mailroom, and health & safety), that the client has contracted the private sector to perform for the asset. The ultimate aim of the FM activities is to facilitate and improve the effectiveness of an infrastructure asset’s primary activities viz a viz its end users (e.g. teachers and children in a school; or doctors, nurses and patients in a hospital).

IPO – ‘Initial Public Offering’, being the first sale of Company’s shares to the public and date of its launch on the London Stock Exchange.

KPI – ‘Key Performance Indicators’, a set of quantifiable measures used to gauge or compare performance in terms of meeting their strategic and/or operational goals. In an infrastructure project, KPIs are commonly-used for measuring the success of the supply chain relative to the standards of the client, as stipulated in the project contracts. An example might be maintaining the building temperature within a certain range, or answering help desk queries within a specified time period.

PPP / PFI – Please see ‘Portfolio & Investment’ tab above.

SPV – ‘Special Purpose Vehicle’, also more generally referred to as a ‘project company’, is a legal entity (usually a limited company) established by the private sector to act as the contracting party with the public sector client with respect to the arrangements relating to the infrastructure asset. Equity funders such as the Company will comprise the shareholders. As the entity contracting with the client to finance, construct and operate the relevant infrastructure asset, the SPV will also be the counterparty to the supply chain entities (construction and FM parties) and the debt financers. A unique SPV will be used for each infrastructure project to avoid any ‘cross-contamination’ of assets or liabilities between the different projects.

What does your iconography mean?

Iconography is used in the Portfolio section of the website to provide users with a quick visual ‘flag’ for a project’s status or sector designation, as follows:

An infrastructure project which is in its construction phase

An infrastructure project which is in its operational phase

An infrastructure project servicing accommodation needs

An infrastructure project servicing education needs

An infrastructure project servicing fire, law & order needs

An infrastructure project servicing health needs

An infrastructure project servicing transport needs

An infrastructure project servicing water needs

Portfolio & Investment

Portfolio & Investment

What is infrastructure?

Infrastructure may be defined as the fundamental services and systems serving a country, city or area, for example transportation and communication systems, power plants and social buildings (such as schools and hospitals). Further details are available in the Primer Papers.

What is PPP/P3/PFI?

Public–Private Partnerships (PPPs / P3s) are a model of public procurement whereby the funding and operation of a public infrastructure service or project is achieved through the involvement of private sector capital and expertise. The service or project is structured through a partnership of the government on the one hand, and one or more private sector organisations (known as the consortium), via a specific ‘Project Company’, on the other.

A PPP involves a contract between the public sector authority and the Project Company, in which the Project Company provides the infrastructure service or project - such as a hospital, school or transport link - and assumes substantial and long-term financial, technical and operational risk in the venture. The Project Company will in turn sub-contract the various responsibilities and risks inherent in the project to each of the underlying consortium members, as applicable. In return for fulfilling this role, the Project Company will receive a revenue stream from the procuring public sector client in the form of a regular ‘Unitary Payment’ which is used to meet the operational costs of the infrastructure project, service the debt financing obligations and reward equity investors such as HICL.

While the United Kingdom was first to make systematic use of a PPP model, in the form of the Private Finance Initiative (PFI), PPPs have now been adopted in many countries as part of the wider programme of privatisation, driven by an increased need for accountability and efficiency for public spending.

Further details of the arrangements for, and the economics of, infrastructure investment are available in Business Model.

Shareholding

Shareholding

Are HICL’s shares eligible for inclusion within a NISA/ISA, PEP or SIPP?

HICL shares are eligible for inclusion in NISA/ISAs and PEPs (subject to applicable subscription limits) provided that they have been acquired by purchase in the market, and they are permissible assets for SIPPs.

How can I invest?

The Company’s shares are traded on the London Stock Exchange. If you are confident in making your own investment decisions you can do this by buying your shares directly through a stockbroker or through an execution-only dealing service. Your bank or building society may offer a dealing service; however, many alternatives are available so you should investigate which is best for your needs.

No representation regarding the suitability of HICL’s shares is intended or implied. If you require advice before you invest, an appropriate financial adviser should be consulted.

How do I subscribe for paperless or e-communications?

The Chairman, through Link Asset Services, writes to new shareholders periodically to ask if they require paper copies of the Company’s statutory documents or communications. If you do not elect to continue receiving paper copies, you will instead be sent a notification by post whenever a relevant document/communication is published on the Company’s website.

Alternatively, if you are happy to be removed from paper communication completely, and to just receive email notifications following the publication of statutory or other shareholder documentation, you can register your email address directly with Link Asset Services.

If you have not received a letter from Link Asset Services yet, or you wish to change your current preferences in respect of either of these services, instructions can be found in Shareholder Services.

How has the Company performed, and what is its current share price?

The Company’s performance is set out in Financial Performance and its share price (with a 15-minute delay) is available in the Share Centre. The price is also quoted daily in the Financial Times.

How much and when is the next dividend payable? Where can I find details of the dividend history?

HICL normally pays dividends on a quarterly basis, on or around the last business day in March, June, September and December of each year. It is expected that the quantum of each quarterly dividend will be approximately one-quarter of the forecast dividend for the year with the final quarterly dividend being adjusted as necessary.

Is HICL an approved investment trust (and therefore eligible for inclusion in an offshore bond)?

An approved investment trust is a company which the Commissioners of HMRC are satisfied meets all of the conditions set out in section 1158 CTA 2010. HICL is not resident in the United Kingdom, and so it does not meet all of these conditions. Accordingly, HICL is not eligible for inclusion in an offshore bond.

Is stamp duty payable when I purchase HICL shares?

No stamp duty (or SDRT in the context of paperless transactions) is payable on the purchase of shares in a Guernsey company - the duty only applies to shares in UK companies or foreign companies who maintain their share register in the UK. Your financial advisor should be able to clarify any liabilities.

Is there a Dividend Reinvestment Plan?

The Company currently offers a scrip dividend alternative for shareholders who wish to receive new ordinary shares in lieu of cash. In doing so, shareholders increase their holdings without incurring dealing costs or stamp duty. Shareholders who wish to take advantage of the scrip dividend alternative should complete (if they have not already done so) a Scrip Dividend Mandate, which sets up a standing election for the reinvestment of all dividends. A Scrip Dividend Mandate can be cancelled at any time.

A copy of the Mandate is available at the back of the most recent Scrip Dividend Circular, which can be found in Circulars & Related Notices.

What UK Taxation is applicable to shareholders?

Please refer to page 99 of the most recent Prospectus which can be found here. Please note that this section provides a generic overview of relevant tax issues at the time of the Prospectus’s issue (in February 2017), and that investors should obtain their own specific and up to date financial and tax advice.

Where can I find HICL’s Key Investor Information Document (KIID)?

HICL is a closed-ended company and does not issue a KIID, as for a UCITS or open ended product.

Will I incur Guernsey tax on my dividends?

Shareholders not tax resident in Guernsey

Under current tax arrangements, provided the Company maintains its exempt status, the Company’s distributions, whether paid in cash or as a scrip dividend, are made to Shareholders (not being Guernsey tax resident) without giving rise to a liability to Guernsey income tax. Furthermore, the Company is not required to withhold Guernsey tax on such distributions.

Shareholders tax resident in Guernsey

Shareholders who are resident for tax purposes in Guernsey (which includes Alderney and Herm) will incur Guernsey income tax at the applicable rate on a distribution, whether received in cash or as a scrip dividend from the Company. Provided the Company maintains its exempt status, there is no requirement for the Company to withhold tax from the payment of a distribution to a Guernsey resident Shareholder.

Terms and Conditions

By accessing this website (‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms and also our Privacy Statement. By accessing this Site, you are indicating that you have read, acknowledged and agree to be bound by the Terms as detailed below. Note by accepting these Terms you also agree to “cookies” being placed on your computer (please see our Privacy Statement for further information on the cookies our website uses). If you do not agree to the Terms please refrain from using this Site.

The information on this Site (including these Terms) is current at the date of publication but is subject to change without notice. You should review these Terms regularly as your continued use constitutes agreement to all such changes. This Site and its content are the property of HICL Infrastructure Company Limited (‘HICL’) and is managed for HICL by InfraRed Capital Partners Limited (‘InfraRed’). InfraRed is authorised and regulated by the UK Financial Conduct Authority (‘FCA’), and is entered on the FCA Register with the Registration Number 195766. The FCA Register can be accessed at https://register.fca.org.uk/. InfraRed is registered in England, with company number 03364976 and with its registered office at 12 Charles II Street, London, SW1Y 4QU.

InfraRed is part of the InfraRed Partners LLP Group, a specialist real estate and infrastructure fund management business.

HICL is a Guernsey incorporated closed-ended investment company and is an alternative investment fund for the purposes of Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers (the “AIFMD” and the UK Alternative Investment Fund Managers Regulations 2013 (the “UK AIFMD Regulations”). The board of HICL are responsible for the portfolio and risk management of the company’s assets and therefore HICL is categorised as an internally managed non-EEA AIF for the purposes of the AIFMD and the UK AIFMD Regulations.

Should you wish to contact InfraRed or HICL please refer to the “Contact” menu which can be found on each page of the Site.

In these Terms

‘content’ means all pages, screens, information and materials included in or accessible through this Site (including any content available on any email).

‘you’, ‘your’ and ‘yours’ means you, the person(s) accessing this Site and the party on whose behalf you are doing so.

‘we’, ‘us’, and ‘our’ means HICL Infrastructure Company.

Terms

These Terms cover your use of this Site.

This Site may provide you with access to other websites which may be subject to their own terms and conditions. You should read their terms and conditions carefully before using the website in question.

This Site is intended for those who access it from within the United Kingdom. As a result, we cannot guarantee that the Site, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any other jurisdiction from which you access it. If you choose to access this Site from a jurisdiction other than the United Kingdom you do so at your own risk and neither HICL nor InfraRed will be liable for any breach of local law or regulation that you commit as a result of doing so.

If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

The information, material and content provided in the pages of the Site may be changed at any time. Changes may be made to these Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access to or use of the Site will mean that you agree to any changes.

No Offer

This Site and the information contained herein does not and is not intended to constitute a direct or indirect offering or placement of shares in HICL or the provision of investment management, advisory or other services to any person in any jurisdiction in which such solicitation is not authorised or to any person to whom it would be unlawful to make such solicitation. HICL’s ordinary shares may only be offered in each member state of the European Economic Area which has implemented the Prospectus Directive or where the Prospectus Directive is applied by the regulator (a “Relevant Member State”) in accordance with the AIFMD. By accessing this Site you confirm that you are in a Relevant Member State. HICL’s ordinary shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and HICL has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act 1940 (the “Investment Company Act”). Accordingly, HICL’s ordinary shares may not be offered, sold, pledged or otherwise transferred or delivered within the United States or to, or for the account or benefit of, any US persons (as defined in Regulation S under the Securities Act) except in a transaction meeting the requirements of an applicable exemption from the registration requirements of the Securities Act and in a manner that would not require registration of HICL under the Investment Company Act.

The content of this Site is general in nature. The Site is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of HICL for the circumstances of any particular investor. If you do require investment advice, please consult a suitably qualified professional adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing.

Investments Performance

Please note that the value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Where past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any income arising from any investment referred to on this Site may go down as well as up. In particular you may not get back the full amount invested. Where an investment is denominated in a currency other than Sterling, exchange rates may have an adverse effect on the value price or income of that investment. In the case of investments for which there is not a recognised market it may be difficult for investors to sell their investment or to obtain reliable information about its value or the extent of the risks to which it is exposed. The information contained in this Site is based on our understanding of current law, regulation and HM Revenue and Customs (“HMRC”) practice at the time of publishing. Future changes in law, regulation, tax levels or HMRC practice could affect the information on this website. Any forecast, projection or target is indicative only and is not guaranteed in any way. We accept no liability for any failure to meet such forecast, projection or target.

The following provisions under ‘No Warranties’ and ‘Exclusion of Our Liability’ exclude or limit our legal liability and that of InfraRed, for this Site. You should read them carefully. They all apply only as far as the law permits and in particular the duties and liabilities owed to shareholders or clients under the Financial Services and Markets Act 2000 or the rules of the Financial Conduct Authority for the conduct of business are not excluded or restricted.

No Warranties

Other than the warranties and representations contained in these Terms, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. We do not exclude or restrict our liabilities or duties to you where or to the extent that this is prohibited by law or regulation. Use of this Site is at your sole risk. We do not represent that:

any information contained on this Site will be accurate, complete or up to date or meet your specific requirements,

this Site will be available,

access to this Site will be uninterrupted or that there will be no delays, failures, errors or omissions or loss of information as this Site is transmitted to you,

no viruses or other contaminating or destructive materials or elements will be transmitted or that your computer system will not be damaged.

we do not provide any guarantee about the accuracy, functionality or performance of any third party software, content or equipment used in connection with this Site.

Exclusion of our Liability

To the extent permitted by law, HICL and/or InfraRed shall not be liable for any damage, loss or liability (whether arising in contract, tort, including negligence, or otherwise) arising out of or in connection with:

your use of this Site,

your reliance on or your inability to use the information on this Site, or

any failure or performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure to this Site or your use or attempted use of it.

The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data.

All of the above exclusions apply even if you have advised us or InfraRed of the possibility of the above types of damage, loss or liability.

Data Protection and Privacy

We are committed to protecting your privacy. All information gathered from you in connection with your use of the Site will be maintained in accordance with the applicable privacy policies disclosed for this Site (see our Privacy Statement).

Third Party Sites and Endorsements

This Site may provide links to third party websites or resources over which InfraRed or HICL has no control. These links are provided for your convenience which you may access at your sole discretion and entirely at your own risk. You should be aware that other websites are not subject to our privacy standards or procedures. You will need to contact the website owners directly to ascertain their privacy standards. We do not make any representation as to the accuracy or completeness of any linked websites, have not and will not review or update such websites and accept no responsibility for such websites.

Links to our Site

Neither you nor any other party may use any part of this Site on any other website, or link any other website to this Site, without our prior written permission. You may link to the home page of this Site, provided that you do so in a way that is fair and legal, does not damage our reputation or take advantage of it. You must establish a link to this Site in such a way not to suggest approval or endorsement on our part where none exists.

We are not responsible for the set up of any link from a third party website to our Site.

Neither you nor any other party may deep link to, frame, spider, harvest or scrape the Content or otherwise access the Content for any purposes, or use any machine, electronic, web based or similar device to read or extract the Content by machine based or automated means, without our prior written permission.

Internet and E-mail Communications

Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or possible alteration. HICL and InfraRed are not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.

Our Monitoring of Communications

To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.

Intellectual Property Rights

Our Rights – all intellectual property rights (including, without limitation, copyright, database rights, design rights, patents and trademarks) in the Content are owned by or licensed to us unless otherwise stated.

Copying by you and your access to the Site – you may print, copy, download or temporarily store extracts from this Site for your personal use. You must not alter any extract contained on or obtained from this Site in any form. Any other use is prohibited unless you first get our written permission. Without limiting the above, unless you first get our written consent, you may not reproduce, modify, adapt, transmit, publish, broadcast, create derivative works of, store, archive or in any way exploit any of the Content. Without limitation, neither you nor any other party may do any of the following without prior written consent from us:

create any data base in electronic or structured manual form by systematically downloading and storing all or any of the Content; or

redistribute any of the Content (including by using it as part of any syndication, content aggregation, archive or similar service); or

remove the copyright or trademark notice from any copies of Content made in accordance with these Terms.

You undertake not to use the Site for any purpose which is unlawful, abusive, libellous, obscene or threatening. You undertake to comply with any terms notified to you as required from time to time by any third party supplier of data or services to the Site, including but not limited to, where necessary, entering into a direct agreement with such third party in respect of your use of their data.

Any infringement of any of our intellectual property rights will result in appropriate legal action.

Trademarks

This Site contains names and logos that are registered trademarks owned by or licensed to companies within the HICL group. We may also claim trademarks and service marks in other marks contained within the pages of the Site. Use of any such names or logos is forbidden without our prior written consent.

Third Parties

HICL and InfraRed work with third parties to research certain usage and activities on our website on our behalf. No personal information about you is shared, however in the course of conducting this research these third parties may place a unique ‘cookie’ on your browser. For further information, please read our Privacy Statement.

Amendment / Withdrawal of Services

HICL reserves the right to make amendments and changes to the information on this Site or to withdraw access to this Site or any part of it at any time without notice. You are responsible for checking that this has not been updated since your last visit to the Site.

Your Queries

If you have any queries regarding these terms and conditions, then please write to us at HICL Infrastructure Company Limited, c/o Aztec Financial Services (Guernsey) Limited, PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, GY1 3PP.

General

We may assign our rights and obligations under the Terms to any member of the HICL group or to any successor to that part of our business which includes the Site, provided always that the assignee undertakes to comply with our obligations under the Terms, or appoint one or more agents to provide all or any of the service and references to “we”, “us” or “our” will include references to such assignees and agents.

No delay or failure by you or us to exercise any of our or your powers, rights or remedies under these Terms shall operate as a waiver of them, nor shall any single or partial exercise of any such powers, rights or remedies preclude any other or further exercise of them. Any waiver to be effective must be in writing. The remedies provided in these Terms are cumulative and not exclusive of any remedies provided by law.

Governing Law

The terms are governed by and interpreted in accordance with the laws of England and Wales and the courts of this jurisdiction will have non-exclusive jurisdiction in respect of any dispute, which may arise.

Terms and Conditions

By accessing this website (‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms and also our Privacy Statement. By accessing this Site, you are indicating that you have read, acknowledged and agree to be bound by the Terms as detailed below. Note by accepting these Terms you also agree to “cookies” being placed on your computer (please see our Privacy Statement for further information on the cookies our website uses). If you do not agree to the Terms please refrain from using this Site.

The information on this Site (including these Terms) is current at the date of publication but is subject to change without notice. You should review these Terms regularly as your continued use constitutes agreement to all such changes. This Site and its content are the property of HICL Infrastructure Company Limited (‘HICL’) and is managed for HICL by InfraRed Capital Partners Limited (‘InfraRed’). InfraRed is authorised and regulated by the UK Financial Conduct Authority (‘FCA’), and is entered on the FCA Register with the Registration Number 195766. The FCA Register can be accessed at https://register.fca.org.uk/. InfraRed is registered in England, with company number 03364976 and with its registered office at 12 Charles II Street, London, SW1Y 4QU.

InfraRed is part of the InfraRed Partners LLP Group, a specialist real estate and infrastructure fund management business.

HICL is a Guernsey incorporated closed-ended investment company and is an alternative investment fund for the purposes of Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers (the “AIFMD” and the UK Alternative Investment Fund Managers Regulations 2013 (the “UK AIFMD Regulations”). The board of HICL are responsible for the portfolio and risk management of the company’s assets and therefore HICL is categorised as an internally managed non-EEA AIF for the purposes of the AIFMD and the UK AIFMD Regulations.

Should you wish to contact InfraRed or HICL please refer to the “Contact” menu which can be found on each page of the Site.

In these Terms

‘content’ means all pages, screens, information and materials included in or accessible through this Site (including any content available on any email).

‘you’, ‘your’ and ‘yours’ means you, the person(s) accessing this Site and the party on whose behalf you are doing so.

‘we’, ‘us’, and ‘our’ means HICL Infrastructure Company.

Terms

These Terms cover your use of this Site.

This Site may provide you with access to other websites which may be subject to their own terms and conditions. You should read their terms and conditions carefully before using the website in question.

This Site is intended for those who access it from within the United Kingdom. As a result, we cannot guarantee that the Site, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any other jurisdiction from which you access it. If you choose to access this Site from a jurisdiction other than the United Kingdom you do so at your own risk and neither HICL nor InfraRed will be liable for any breach of local law or regulation that you commit as a result of doing so.

If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

The information, material and content provided in the pages of the Site may be changed at any time. Changes may be made to these Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access to or use of the Site will mean that you agree to any changes.

No Offer

This Site and the information contained herein does not and is not intended to constitute a direct or indirect offering or placement of shares in HICL or the provision of investment management, advisory or other services to any person in any jurisdiction in which such solicitation is not authorised or to any person to whom it would be unlawful to make such solicitation. HICL’s ordinary shares may only be offered in each member state of the European Economic Area which has implemented the Prospectus Directive or where the Prospectus Directive is applied by the regulator (a “Relevant Member State”) in accordance with the AIFMD. By accessing this Site you confirm that you are in a Relevant Member State. HICL’s ordinary shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and HICL has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act 1940 (the “Investment Company Act”). Accordingly, HICL’s ordinary shares may not be offered, sold, pledged or otherwise transferred or delivered within the United States or to, or for the account or benefit of, any US persons (as defined in Regulation S under the Securities Act) except in a transaction meeting the requirements of an applicable exemption from the registration requirements of the Securities Act and in a manner that would not require registration of HICL under the Investment Company Act.

The content of this Site is general in nature. The Site is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of HICL for the circumstances of any particular investor. If you do require investment advice, please consult a suitably qualified professional adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing.

Investments Performance

Please note that the value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Where past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any income arising from any investment referred to on this Site may go down as well as up. In particular you may not get back the full amount invested. Where an investment is denominated in a currency other than Sterling, exchange rates may have an adverse effect on the value price or income of that investment. In the case of investments for which there is not a recognised market it may be difficult for investors to sell their investment or to obtain reliable information about its value or the extent of the risks to which it is exposed. The information contained in this Site is based on our understanding of current law, regulation and HM Revenue and Customs (“HMRC”) practice at the time of publishing. Future changes in law, regulation, tax levels or HMRC practice could affect the information on this website. Any forecast, projection or target is indicative only and is not guaranteed in any way. We accept no liability for any failure to meet such forecast, projection or target.

The following provisions under ‘No Warranties’ and ‘Exclusion of Our Liability’ exclude or limit our legal liability and that of InfraRed, for this Site. You should read them carefully. They all apply only as far as the law permits and in particular the duties and liabilities owed to shareholders or clients under the Financial Services and Markets Act 2000 or the rules of the Financial Conduct Authority for the conduct of business are not excluded or restricted.

No Warranties

Other than the warranties and representations contained in these Terms, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. We do not exclude or restrict our liabilities or duties to you where or to the extent that this is prohibited by law or regulation. Use of this Site is at your sole risk. We do not represent that:

any information contained on this Site will be accurate, complete or up to date or meet your specific requirements,

this Site will be available,

access to this Site will be uninterrupted or that there will be no delays, failures, errors or omissions or loss of information as this Site is transmitted to you,

no viruses or other contaminating or destructive materials or elements will be transmitted or that your computer system will not be damaged.

we do not provide any guarantee about the accuracy, functionality or performance of any third party software, content or equipment used in connection with this Site.

Exclusion of our Liability

To the extent permitted by law, HICL and/or InfraRed shall not be liable for any damage, loss or liability (whether arising in contract, tort, including negligence, or otherwise) arising out of or in connection with:

your use of this Site,

your reliance on or your inability to use the information on this Site, or

any failure or performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure to this Site or your use or attempted use of it.

The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data.

All of the above exclusions apply even if you have advised us or InfraRed of the possibility of the above types of damage, loss or liability.

Data Protection and Privacy

We are committed to protecting your privacy. All information gathered from you in connection with your use of the Site will be maintained in accordance with the applicable privacy policies disclosed for this Site (see our Privacy Statement).

Third Party Sites and Endorsements

This Site may provide links to third party websites or resources over which InfraRed or HICL has no control. These links are provided for your convenience which you may access at your sole discretion and entirely at your own risk. You should be aware that other websites are not subject to our privacy standards or procedures. You will need to contact the website owners directly to ascertain their privacy standards. We do not make any representation as to the accuracy or completeness of any linked websites, have not and will not review or update such websites and accept no responsibility for such websites.

Links to our Site

Neither you nor any other party may use any part of this Site on any other website, or link any other website to this Site, without our prior written permission. You may link to the home page of this Site, provided that you do so in a way that is fair and legal, does not damage our reputation or take advantage of it. You must establish a link to this Site in such a way not to suggest approval or endorsement on our part where none exists.

We are not responsible for the set up of any link from a third party website to our Site.

Neither you nor any other party may deep link to, frame, spider, harvest or scrape the Content or otherwise access the Content for any purposes, or use any machine, electronic, web based or similar device to read or extract the Content by machine based or automated means, without our prior written permission.

Internet and E-mail Communications

Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or possible alteration. HICL and InfraRed are not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.

Our Monitoring of Communications

To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.

Intellectual Property Rights

Our Rights – all intellectual property rights (including, without limitation, copyright, database rights, design rights, patents and trademarks) in the Content are owned by or licensed to us unless otherwise stated.

Copying by you and your access to the Site – you may print, copy, download or temporarily store extracts from this Site for your personal use. You must not alter any extract contained on or obtained from this Site in any form. Any other use is prohibited unless you first get our written permission. Without limiting the above, unless you first get our written consent, you may not reproduce, modify, adapt, transmit, publish, broadcast, create derivative works of, store, archive or in any way exploit any of the Content. Without limitation, neither you nor any other party may do any of the following without prior written consent from us:

create any data base in electronic or structured manual form by systematically downloading and storing all or any of the Content; or

redistribute any of the Content (including by using it as part of any syndication, content aggregation, archive or similar service); or

remove the copyright or trademark notice from any copies of Content made in accordance with these Terms.

You undertake not to use the Site for any purpose which is unlawful, abusive, libellous, obscene or threatening. You undertake to comply with any terms notified to you as required from time to time by any third party supplier of data or services to the Site, including but not limited to, where necessary, entering into a direct agreement with such third party in respect of your use of their data.

Any infringement of any of our intellectual property rights will result in appropriate legal action.

Trademarks

This Site contains names and logos that are registered trademarks owned by or licensed to companies within the HICL group. We may also claim trademarks and service marks in other marks contained within the pages of the Site. Use of any such names or logos is forbidden without our prior written consent.

Third Parties

HICL and InfraRed work with third parties to research certain usage and activities on our website on our behalf. No personal information about you is shared, however in the course of conducting this research these third parties may place a unique ‘cookie’ on your browser. For further information, please read our Privacy Statement.

Amendment / Withdrawal of Services

HICL reserves the right to make amendments and changes to the information on this Site or to withdraw access to this Site or any part of it at any time without notice. You are responsible for checking that this has not been updated since your last visit to the Site.

Your Queries

If you have any queries regarding these terms and conditions, then please write to us at HICL Infrastructure Company Limited, c/o Aztec Financial Services (Guernsey) Limited, PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, GY1 3PP.

General

We may assign our rights and obligations under the Terms to any member of the HICL group or to any successor to that part of our business which includes the Site, provided always that the assignee undertakes to comply with our obligations under the Terms, or appoint one or more agents to provide all or any of the service and references to “we”, “us” or “our” will include references to such assignees and agents.

No delay or failure by you or us to exercise any of our or your powers, rights or remedies under these Terms shall operate as a waiver of them, nor shall any single or partial exercise of any such powers, rights or remedies preclude any other or further exercise of them. Any waiver to be effective must be in writing. The remedies provided in these Terms are cumulative and not exclusive of any remedies provided by law.

Governing Law

The terms are governed by and interpreted in accordance with the laws of England and Wales and the courts of this jurisdiction will have non-exclusive jurisdiction in respect of any dispute, which may arise.

Terms and Conditions

By accessing this website (‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms and also our Privacy Statement. By accessing this Site, you are indicating that you have read, acknowledged and agree to be bound by the Terms as detailed below. Note by accepting these Terms you also agree to “cookies” being placed on your computer (please see our Privacy Statement for further information on the cookies our website uses). If you do not agree to the Terms please refrain from using this Site.

The information on this Site (including these Terms) is current at the date of publication but is subject to change without notice. You should review these Terms regularly as your continued use constitutes agreement to all such changes. This Site and its content are the property of HICL Infrastructure Company Limited (‘HICL’) and is managed for HICL by InfraRed Capital Partners Limited (‘InfraRed’). InfraRed is authorised and regulated by the UK Financial Conduct Authority (‘FCA’), and is entered on the FCA Register with the Registration Number 195766. The FCA Register can be accessed at https://register.fca.org.uk/. InfraRed is registered in England, with company number 03364976 and with its registered office at 12 Charles II Street, London, SW1Y 4QU.

InfraRed is part of the InfraRed Partners LLP Group, a specialist real estate and infrastructure fund management business.

HICL is a Guernsey incorporated closed-ended investment company and is an alternative investment fund for the purposes of Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers (the “AIFMD” and the UK Alternative Investment Fund Managers Regulations 2013 (the “UK AIFMD Regulations”). The board of HICL are responsible for the portfolio and risk management of the company’s assets and therefore HICL is categorised as an internally managed non-EEA AIF for the purposes of the AIFMD and the UK AIFMD Regulations.

Should you wish to contact InfraRed or HICL please refer to the “Contact” menu which can be found on each page of the Site.

In these Terms

‘content’ means all pages, screens, information and materials included in or accessible through this Site (including any content available on any email).

‘you’, ‘your’ and ‘yours’ means you, the person(s) accessing this Site and the party on whose behalf you are doing so.

‘we’, ‘us’, and ‘our’ means HICL Infrastructure Company.

Terms

These Terms cover your use of this Site.

This Site may provide you with access to other websites which may be subject to their own terms and conditions. You should read their terms and conditions carefully before using the website in question.

This Site is intended for those who access it from within the United Kingdom. As a result, we cannot guarantee that the Site, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any other jurisdiction from which you access it. If you choose to access this Site from a jurisdiction other than the United Kingdom you do so at your own risk and neither HICL nor InfraRed will be liable for any breach of local law or regulation that you commit as a result of doing so.

If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

The information, material and content provided in the pages of the Site may be changed at any time. Changes may be made to these Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access to or use of the Site will mean that you agree to any changes.

No Offer

This Site and the information contained herein does not and is not intended to constitute a direct or indirect offering or placement of shares in HICL or the provision of investment management, advisory or other services to any person in any jurisdiction in which such solicitation is not authorised or to any person to whom it would be unlawful to make such solicitation. HICL’s ordinary shares may only be offered in each member state of the European Economic Area which has implemented the Prospectus Directive or where the Prospectus Directive is applied by the regulator (a “Relevant Member State”) in accordance with the AIFMD. By accessing this Site you confirm that you are in a Relevant Member State. HICL’s ordinary shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and HICL has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act 1940 (the “Investment Company Act”). Accordingly, HICL’s ordinary shares may not be offered, sold, pledged or otherwise transferred or delivered within the United States or to, or for the account or benefit of, any US persons (as defined in Regulation S under the Securities Act) except in a transaction meeting the requirements of an applicable exemption from the registration requirements of the Securities Act and in a manner that would not require registration of HICL under the Investment Company Act.

The content of this Site is general in nature. The Site is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of HICL for the circumstances of any particular investor. If you do require investment advice, please consult a suitably qualified professional adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing.

Investments Performance

Please note that the value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Where past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any income arising from any investment referred to on this Site may go down as well as up. In particular you may not get back the full amount invested. Where an investment is denominated in a currency other than Sterling, exchange rates may have an adverse effect on the value price or income of that investment. In the case of investments for which there is not a recognised market it may be difficult for investors to sell their investment or to obtain reliable information about its value or the extent of the risks to which it is exposed. The information contained in this Site is based on our understanding of current law, regulation and HM Revenue and Customs (“HMRC”) practice at the time of publishing. Future changes in law, regulation, tax levels or HMRC practice could affect the information on this website. Any forecast, projection or target is indicative only and is not guaranteed in any way. We accept no liability for any failure to meet such forecast, projection or target.

The following provisions under ‘No Warranties’ and ‘Exclusion of Our Liability’ exclude or limit our legal liability and that of InfraRed, for this Site. You should read them carefully. They all apply only as far as the law permits and in particular the duties and liabilities owed to shareholders or clients under the Financial Services and Markets Act 2000 or the rules of the Financial Conduct Authority for the conduct of business are not excluded or restricted.

No Warranties

Other than the warranties and representations contained in these Terms, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. We do not exclude or restrict our liabilities or duties to you where or to the extent that this is prohibited by law or regulation. Use of this Site is at your sole risk. We do not represent that:

any information contained on this Site will be accurate, complete or up to date or meet your specific requirements,

this Site will be available,

access to this Site will be uninterrupted or that there will be no delays, failures, errors or omissions or loss of information as this Site is transmitted to you,

no viruses or other contaminating or destructive materials or elements will be transmitted or that your computer system will not be damaged.

we do not provide any guarantee about the accuracy, functionality or performance of any third party software, content or equipment used in connection with this Site.

Exclusion of our Liability

To the extent permitted by law, HICL and/or InfraRed shall not be liable for any damage, loss or liability (whether arising in contract, tort, including negligence, or otherwise) arising out of or in connection with:

your use of this Site,

your reliance on or your inability to use the information on this Site, or

any failure or performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure to this Site or your use or attempted use of it.

The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data.

All of the above exclusions apply even if you have advised us or InfraRed of the possibility of the above types of damage, loss or liability.

Data Protection and Privacy

We are committed to protecting your privacy. All information gathered from you in connection with your use of the Site will be maintained in accordance with the applicable privacy policies disclosed for this Site (see our Privacy Statement).

Third Party Sites and Endorsements

This Site may provide links to third party websites or resources over which InfraRed or HICL has no control. These links are provided for your convenience which you may access at your sole discretion and entirely at your own risk. You should be aware that other websites are not subject to our privacy standards or procedures. You will need to contact the website owners directly to ascertain their privacy standards. We do not make any representation as to the accuracy or completeness of any linked websites, have not and will not review or update such websites and accept no responsibility for such websites.

Links to our Site

Neither you nor any other party may use any part of this Site on any other website, or link any other website to this Site, without our prior written permission. You may link to the home page of this Site, provided that you do so in a way that is fair and legal, does not damage our reputation or take advantage of it. You must establish a link to this Site in such a way not to suggest approval or endorsement on our part where none exists.

We are not responsible for the set up of any link from a third party website to our Site.

Neither you nor any other party may deep link to, frame, spider, harvest or scrape the Content or otherwise access the Content for any purposes, or use any machine, electronic, web based or similar device to read or extract the Content by machine based or automated means, without our prior written permission.

Internet and E-mail Communications

Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or possible alteration. HICL and InfraRed are not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.

Our Monitoring of Communications

To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.

Intellectual Property Rights

Our Rights – all intellectual property rights (including, without limitation, copyright, database rights, design rights, patents and trademarks) in the Content are owned by or licensed to us unless otherwise stated.

Copying by you and your access to the Site – you may print, copy, download or temporarily store extracts from this Site for your personal use. You must not alter any extract contained on or obtained from this Site in any form. Any other use is prohibited unless you first get our written permission. Without limiting the above, unless you first get our written consent, you may not reproduce, modify, adapt, transmit, publish, broadcast, create derivative works of, store, archive or in any way exploit any of the Content. Without limitation, neither you nor any other party may do any of the following without prior written consent from us:

create any data base in electronic or structured manual form by systematically downloading and storing all or any of the Content; or

redistribute any of the Content (including by using it as part of any syndication, content aggregation, archive or similar service); or

remove the copyright or trademark notice from any copies of Content made in accordance with these Terms.

You undertake not to use the Site for any purpose which is unlawful, abusive, libellous, obscene or threatening. You undertake to comply with any terms notified to you as required from time to time by any third party supplier of data or services to the Site, including but not limited to, where necessary, entering into a direct agreement with such third party in respect of your use of their data.

Any infringement of any of our intellectual property rights will result in appropriate legal action.

Trademarks

This Site contains names and logos that are registered trademarks owned by or licensed to companies within the HICL group. We may also claim trademarks and service marks in other marks contained within the pages of the Site. Use of any such names or logos is forbidden without our prior written consent.

Third Parties

HICL and InfraRed work with third parties to research certain usage and activities on our website on our behalf. No personal information about you is shared, however in the course of conducting this research these third parties may place a unique ‘cookie’ on your browser. For further information, please read our Privacy Statement.

Amendment / Withdrawal of Services

HICL reserves the right to make amendments and changes to the information on this Site or to withdraw access to this Site or any part of it at any time without notice. You are responsible for checking that this has not been updated since your last visit to the Site.

Your Queries

If you have any queries regarding these terms and conditions, then please write to us at HICL Infrastructure Company Limited, c/o Aztec Financial Services (Guernsey) Limited, PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, GY1 3PP.

General

We may assign our rights and obligations under the Terms to any member of the HICL group or to any successor to that part of our business which includes the Site, provided always that the assignee undertakes to comply with our obligations under the Terms, or appoint one or more agents to provide all or any of the service and references to “we”, “us” or “our” will include references to such assignees and agents.

No delay or failure by you or us to exercise any of our or your powers, rights or remedies under these Terms shall operate as a waiver of them, nor shall any single or partial exercise of any such powers, rights or remedies preclude any other or further exercise of them. Any waiver to be effective must be in writing. The remedies provided in these Terms are cumulative and not exclusive of any remedies provided by law.

Governing Law

The terms are governed by and interpreted in accordance with the laws of England and Wales and the courts of this jurisdiction will have non-exclusive jurisdiction in respect of any dispute, which may arise.

Terms and Conditions

By accessing this website (‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms and also our Privacy Statement. By accessing this Site, you are indicating that you have read, acknowledged and agree to be bound by the Terms as detailed below. Note by accepting these Terms you also agree to “cookies” being placed on your computer (please see our Privacy Statement for further information on the cookies our website uses). If you do not agree to the Terms please refrain from using this Site.

The information on this Site (including these Terms) is current at the date of publication but is subject to change without notice. You should review these Terms regularly as your continued use constitutes agreement to all such changes. This Site and its content are the property of HICL Infrastructure Company Limited (‘HICL’) and is managed for HICL by InfraRed Capital Partners Limited (‘InfraRed’). InfraRed is authorised and regulated by the UK Financial Conduct Authority (‘FCA’), and is entered on the FCA Register with the Registration Number 195766. The FCA Register can be accessed at https://register.fca.org.uk/. InfraRed is registered in England, with company number 03364976 and with its registered office at 12 Charles II Street, London, SW1Y 4QU.

InfraRed is part of the InfraRed Partners LLP Group, a specialist real estate and infrastructure fund management business.

HICL is a Guernsey incorporated closed-ended investment company and is an alternative investment fund for the purposes of Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers (the “AIFMD” and the UK Alternative Investment Fund Managers Regulations 2013 (the “UK AIFMD Regulations”). The board of HICL are responsible for the portfolio and risk management of the company’s assets and therefore HICL is categorised as an internally managed non-EEA AIF for the purposes of the AIFMD and the UK AIFMD Regulations.

Should you wish to contact InfraRed or HICL please refer to the “Contact” menu which can be found on each page of the Site.

In these Terms

‘content’ means all pages, screens, information and materials included in or accessible through this Site (including any content available on any email).

‘you’, ‘your’ and ‘yours’ means you, the person(s) accessing this Site and the party on whose behalf you are doing so.

‘we’, ‘us’, and ‘our’ means HICL Infrastructure Company.

Terms

These Terms cover your use of this Site.

This Site may provide you with access to other websites which may be subject to their own terms and conditions. You should read their terms and conditions carefully before using the website in question.

This Site is intended for those who access it from within the United Kingdom. As a result, we cannot guarantee that the Site, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any other jurisdiction from which you access it. If you choose to access this Site from a jurisdiction other than the United Kingdom you do so at your own risk and neither HICL nor InfraRed will be liable for any breach of local law or regulation that you commit as a result of doing so.

If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

The information, material and content provided in the pages of the Site may be changed at any time. Changes may be made to these Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access to or use of the Site will mean that you agree to any changes.

No Offer

This Site and the information contained herein does not and is not intended to constitute a direct or indirect offering or placement of shares in HICL or the provision of investment management, advisory or other services to any person in any jurisdiction in which such solicitation is not authorised or to any person to whom it would be unlawful to make such solicitation. HICL’s ordinary shares may only be offered in each member state of the European Economic Area which has implemented the Prospectus Directive or where the Prospectus Directive is applied by the regulator (a “Relevant Member State”) in accordance with the AIFMD. By accessing this Site you confirm that you are in a Relevant Member State. HICL’s ordinary shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and HICL has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act 1940 (the “Investment Company Act”). Accordingly, HICL’s ordinary shares may not be offered, sold, pledged or otherwise transferred or delivered within the United States or to, or for the account or benefit of, any US persons (as defined in Regulation S under the Securities Act) except in a transaction meeting the requirements of an applicable exemption from the registration requirements of the Securities Act and in a manner that would not require registration of HICL under the Investment Company Act.

The content of this Site is general in nature. The Site is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of HICL for the circumstances of any particular investor. If you do require investment advice, please consult a suitably qualified professional adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing.

Investments Performance

Please note that the value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Where past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any income arising from any investment referred to on this Site may go down as well as up. In particular you may not get back the full amount invested. Where an investment is denominated in a currency other than Sterling, exchange rates may have an adverse effect on the value price or income of that investment. In the case of investments for which there is not a recognised market it may be difficult for investors to sell their investment or to obtain reliable information about its value or the extent of the risks to which it is exposed. The information contained in this Site is based on our understanding of current law, regulation and HM Revenue and Customs (“HMRC”) practice at the time of publishing. Future changes in law, regulation, tax levels or HMRC practice could affect the information on this website. Any forecast, projection or target is indicative only and is not guaranteed in any way. We accept no liability for any failure to meet such forecast, projection or target.

The following provisions under ‘No Warranties’ and ‘Exclusion of Our Liability’ exclude or limit our legal liability and that of InfraRed, for this Site. You should read them carefully. They all apply only as far as the law permits and in particular the duties and liabilities owed to shareholders or clients under the Financial Services and Markets Act 2000 or the rules of the Financial Conduct Authority for the conduct of business are not excluded or restricted.

No Warranties

Other than the warranties and representations contained in these Terms, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. We do not exclude or restrict our liabilities or duties to you where or to the extent that this is prohibited by law or regulation. Use of this Site is at your sole risk. We do not represent that:

any information contained on this Site will be accurate, complete or up to date or meet your specific requirements,

this Site will be available,

access to this Site will be uninterrupted or that there will be no delays, failures, errors or omissions or loss of information as this Site is transmitted to you,

no viruses or other contaminating or destructive materials or elements will be transmitted or that your computer system will not be damaged.

we do not provide any guarantee about the accuracy, functionality or performance of any third party software, content or equipment used in connection with this Site.

Exclusion of our Liability

To the extent permitted by law, HICL and/or InfraRed shall not be liable for any damage, loss or liability (whether arising in contract, tort, including negligence, or otherwise) arising out of or in connection with:

your use of this Site,

your reliance on or your inability to use the information on this Site, or

any failure or performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure to this Site or your use or attempted use of it.

The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data.

All of the above exclusions apply even if you have advised us or InfraRed of the possibility of the above types of damage, loss or liability.

Data Protection and Privacy

We are committed to protecting your privacy. All information gathered from you in connection with your use of the Site will be maintained in accordance with the applicable privacy policies disclosed for this Site (see our Privacy Statement).

Third Party Sites and Endorsements

This Site may provide links to third party websites or resources over which InfraRed or HICL has no control. These links are provided for your convenience which you may access at your sole discretion and entirely at your own risk. You should be aware that other websites are not subject to our privacy standards or procedures. You will need to contact the website owners directly to ascertain their privacy standards. We do not make any representation as to the accuracy or completeness of any linked websites, have not and will not review or update such websites and accept no responsibility for such websites.

Links to our Site

Neither you nor any other party may use any part of this Site on any other website, or link any other website to this Site, without our prior written permission. You may link to the home page of this Site, provided that you do so in a way that is fair and legal, does not damage our reputation or take advantage of it. You must establish a link to this Site in such a way not to suggest approval or endorsement on our part where none exists.

We are not responsible for the set up of any link from a third party website to our Site.

Neither you nor any other party may deep link to, frame, spider, harvest or scrape the Content or otherwise access the Content for any purposes, or use any machine, electronic, web based or similar device to read or extract the Content by machine based or automated means, without our prior written permission.

Internet and E-mail Communications

Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or possible alteration. HICL and InfraRed are not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.

Our Monitoring of Communications

To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.

Intellectual Property Rights

Our Rights – all intellectual property rights (including, without limitation, copyright, database rights, design rights, patents and trademarks) in the Content are owned by or licensed to us unless otherwise stated.

Copying by you and your access to the Site – you may print, copy, download or temporarily store extracts from this Site for your personal use. You must not alter any extract contained on or obtained from this Site in any form. Any other use is prohibited unless you first get our written permission. Without limiting the above, unless you first get our written consent, you may not reproduce, modify, adapt, transmit, publish, broadcast, create derivative works of, store, archive or in any way exploit any of the Content. Without limitation, neither you nor any other party may do any of the following without prior written consent from us:

create any data base in electronic or structured manual form by systematically downloading and storing all or any of the Content; or

redistribute any of the Content (including by using it as part of any syndication, content aggregation, archive or similar service); or

remove the copyright or trademark notice from any copies of Content made in accordance with these Terms.

You undertake not to use the Site for any purpose which is unlawful, abusive, libellous, obscene or threatening. You undertake to comply with any terms notified to you as required from time to time by any third party supplier of data or services to the Site, including but not limited to, where necessary, entering into a direct agreement with such third party in respect of your use of their data.

Any infringement of any of our intellectual property rights will result in appropriate legal action.

Trademarks

This Site contains names and logos that are registered trademarks owned by or licensed to companies within the HICL group. We may also claim trademarks and service marks in other marks contained within the pages of the Site. Use of any such names or logos is forbidden without our prior written consent.

Third Parties

HICL and InfraRed work with third parties to research certain usage and activities on our website on our behalf. No personal information about you is shared, however in the course of conducting this research these third parties may place a unique ‘cookie’ on your browser. For further information, please read our Privacy Statement.

Amendment / Withdrawal of Services

HICL reserves the right to make amendments and changes to the information on this Site or to withdraw access to this Site or any part of it at any time without notice. You are responsible for checking that this has not been updated since your last visit to the Site.

Your Queries

If you have any queries regarding these terms and conditions, then please write to us at HICL Infrastructure Company Limited, c/oAztec Financial Services (Guernsey) Limited, PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, GY1 3PP.

General

We may assign our rights and obligations under the Terms to any member of the HICL group or to any successor to that part of our business which includes the Site, provided always that the assignee undertakes to comply with our obligations under the Terms, or appoint one or more agents to provide all or any of the service and references to “we”, “us” or “our” will include references to such assignees and agents.

No delay or failure by you or us to exercise any of our or your powers, rights or remedies under these Terms shall operate as a waiver of them, nor shall any single or partial exercise of any such powers, rights or remedies preclude any other or further exercise of them. Any waiver to be effective must be in writing. The remedies provided in these Terms are cumulative and not exclusive of any remedies provided by law.

Governing Law

The terms are governed by and interpreted in accordance with the laws of England and Wales and the courts of this jurisdiction will have non-exclusive jurisdiction in respect of any dispute, which may arise.

Terms and Conditions

By accessing this website (‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms and also our Privacy Statement. By accessing this Site, you are indicating that you have read, acknowledged and agree to be bound by the Terms as detailed below. Note by accepting these Terms you also agree to “cookies” being placed on your computer (please see our Privacy Statement for further information on the cookies our website uses). If you do not agree to the Terms please refrain from using this Site.

The information on this Site (including these Terms) is current at the date of publication but is subject to change without notice. You should review these Terms regularly as your continued use constitutes agreement to all such changes. This Site and its content are the property of HICL Infrastructure Company Limited (‘HICL’) and is managed for HICL by InfraRed Capital Partners Limited (‘InfraRed’). InfraRed is authorised and regulated by the UK Financial Conduct Authority (‘FCA’), and is entered on the FCA Register with the Registration Number 195766. The FCA Register can be accessed at https://register.fca.org.uk/. InfraRed is registered in England, with company number 03364976 and with its registered office at 12 Charles II Street, London, SW1Y 4QU.

InfraRed is part of the InfraRed Partners LLP Group, a specialist real estate and infrastructure fund management business.

HICL is a Guernsey incorporated closed-ended investment company and is an alternative investment fund for the purposes of Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers (the “AIFMD” and the UK Alternative Investment Fund Managers Regulations 2013 (the “UK AIFMD Regulations”). The board of HICL are responsible for the portfolio and risk management of the company’s assets and therefore HICL is categorised as an internally managed non-EEA AIF for the purposes of the AIFMD and the UK AIFMD Regulations.

Should you wish to contact InfraRed or HICL please refer to the “Contact” menu which can be found on each page of the Site.

In these Terms

‘content’ means all pages, screens, information and materials included in or accessible through this Site (including any content available on any email).

‘you’, ‘your’ and ‘yours’ means you, the person(s) accessing this Site and the party on whose behalf you are doing so.

‘we’, ‘us’, and ‘our’ means HICL Infrastructure Company.

Terms

These Terms cover your use of this Site.

This Site may provide you with access to other websites which may be subject to their own terms and conditions. You should read their terms and conditions carefully before using the website in question.

This Site is intended for those who access it from within the United Kingdom. As a result, we cannot guarantee that the Site, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any other jurisdiction from which you access it. If you choose to access this Site from a jurisdiction other than the United Kingdom you do so at your own risk and neither HICL nor InfraRed will be liable for any breach of local law or regulation that you commit as a result of doing so.

If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

The information, material and content provided in the pages of the Site may be changed at any time. Changes may be made to these Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access to or use of the Site will mean that you agree to any changes.

No Offer

This Site and the information contained herein does not and is not intended to constitute a direct or indirect offering or placement of shares in HICL or the provision of investment management, advisory or other services to any person in any jurisdiction in which such solicitation is not authorised or to any person to whom it would be unlawful to make such solicitation. HICL’s ordinary shares may only be offered in each member state of the European Economic Area which has implemented the Prospectus Directive or where the Prospectus Directive is applied by the regulator (a “Relevant Member State”) in accordance with the AIFMD. By accessing this Site you confirm that you are in a Relevant Member State. HICL’s ordinary shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and HICL has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act 1940 (the “Investment Company Act”). Accordingly, HICL’s ordinary shares may not be offered, sold, pledged or otherwise transferred or delivered within the United States or to, or for the account or benefit of, any US persons (as defined in Regulation S under the Securities Act) except in a transaction meeting the requirements of an applicable exemption from the registration requirements of the Securities Act and in a manner that would not require registration of HICL under the Investment Company Act.

The content of this Site is general in nature. The Site is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of HICL for the circumstances of any particular investor. If you do require investment advice, please consult a suitably qualified professional adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing.

Investments Performance

Please note that the value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Where past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any income arising from any investment referred to on this Site may go down as well as up. In particular you may not get back the full amount invested. Where an investment is denominated in a currency other than Sterling, exchange rates may have an adverse effect on the value price or income of that investment. In the case of investments for which there is not a recognised market it may be difficult for investors to sell their investment or to obtain reliable information about its value or the extent of the risks to which it is exposed. The information contained in this Site is based on our understanding of current law, regulation and HM Revenue and Customs (“HMRC”) practice at the time of publishing. Future changes in law, regulation, tax levels or HMRC practice could affect the information on this website. Any forecast, projection or target is indicative only and is not guaranteed in any way. We accept no liability for any failure to meet such forecast, projection or target.

The following provisions under ‘No Warranties’ and ‘Exclusion of Our Liability’ exclude or limit our legal liability and that of InfraRed, for this Site. You should read them carefully. They all apply only as far as the law permits and in particular the duties and liabilities owed to shareholders or clients under the Financial Services and Markets Act 2000 or the rules of the Financial Conduct Authority for the conduct of business are not excluded or restricted.

No Warranties

Other than the warranties and representations contained in these Terms, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. We do not exclude or restrict our liabilities or duties to you where or to the extent that this is prohibited by law or regulation. Use of this Site is at your sole risk. We do not represent that:

any information contained on this Site will be accurate, complete or up to date or meet your specific requirements,

this Site will be available,

access to this Site will be uninterrupted or that there will be no delays, failures, errors or omissions or loss of information as this Site is transmitted to you,

no viruses or other contaminating or destructive materials or elements will be transmitted or that your computer system will not be damaged.

we do not provide any guarantee about the accuracy, functionality or performance of any third party software, content or equipment used in connection with this Site.

Exclusion of our Liability

To the extent permitted by law, HICL and/or InfraRed shall not be liable for any damage, loss or liability (whether arising in contract, tort, including negligence, or otherwise) arising out of or in connection with:

your use of this Site,

your reliance on or your inability to use the information on this Site, or

any failure or performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure to this Site or your use or attempted use of it.

The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data.

All of the above exclusions apply even if you have advised us or InfraRed of the possibility of the above types of damage, loss or liability.

Data Protection and Privacy

We are committed to protecting your privacy. All information gathered from you in connection with your use of the Site will be maintained in accordance with the applicable privacy policies disclosed for this Site (see our Privacy Statement).

Third Party Sites and Endorsements

This Site may provide links to third party websites or resources over which InfraRed or HICL has no control. These links are provided for your convenience which you may access at your sole discretion and entirely at your own risk. You should be aware that other websites are not subject to our privacy standards or procedures. You will need to contact the website owners directly to ascertain their privacy standards. We do not make any representation as to the accuracy or completeness of any linked websites, have not and will not review or update such websites and accept no responsibility for such websites.

Links to our Site

Neither you nor any other party may use any part of this Site on any other website, or link any other website to this Site, without our prior written permission. You may link to the home page of this Site, provided that you do so in a way that is fair and legal, does not damage our reputation or take advantage of it. You must establish a link to this Site in such a way not to suggest approval or endorsement on our part where none exists.

We are not responsible for the set up of any link from a third party website to our Site.

Neither you nor any other party may deep link to, frame, spider, harvest or scrape the Content or otherwise access the Content for any purposes, or use any machine, electronic, web based or similar device to read or extract the Content by machine based or automated means, without our prior written permission.

Internet and E-mail Communications

Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or possible alteration. HICL and InfraRed are not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.

Our Monitoring of Communications

To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.

Intellectual Property Rights

Our Rights – all intellectual property rights (including, without limitation, copyright, database rights, design rights, patents and trademarks) in the Content are owned by or licensed to us unless otherwise stated.

Copying by you and your access to the Site – you may print, copy, download or temporarily store extracts from this Site for your personal use. You must not alter any extract contained on or obtained from this Site in any form. Any other use is prohibited unless you first get our written permission. Without limiting the above, unless you first get our written consent, you may not reproduce, modify, adapt, transmit, publish, broadcast, create derivative works of, store, archive or in any way exploit any of the Content. Without limitation, neither you nor any other party may do any of the following without prior written consent from us:

create any data base in electronic or structured manual form by systematically downloading and storing all or any of the Content; or

redistribute any of the Content (including by using it as part of any syndication, content aggregation, archive or similar service); or

remove the copyright or trademark notice from any copies of Content made in accordance with these Terms.

You undertake not to use the Site for any purpose which is unlawful, abusive, libellous, obscene or threatening. You undertake to comply with any terms notified to you as required from time to time by any third party supplier of data or services to the Site, including but not limited to, where necessary, entering into a direct agreement with such third party in respect of your use of their data.

Any infringement of any of our intellectual property rights will result in appropriate legal action.

Trademarks

This Site contains names and logos that are registered trademarks owned by or licensed to companies within the HICL group. We may also claim trademarks and service marks in other marks contained within the pages of the Site. Use of any such names or logos is forbidden without our prior written consent.

Third Parties

HICL and InfraRed work with third parties to research certain usage and activities on our website on our behalf. No personal information about you is shared, however in the course of conducting this research these third parties may place a unique ‘cookie’ on your browser. For further information, please read our Privacy Statement.

Amendment / Withdrawal of Services

HICL reserves the right to make amendments and changes to the information on this Site or to withdraw access to this Site or any part of it at any time without notice. You are responsible for checking that this has not been updated since your last visit to the Site.

Your Queries

If you have any queries regarding these terms and conditions, then please write to us at HICL Infrastructure Company Limited, c/o Aztec Financial Services (Guernsey) Limited, PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, GY1 3PP.

General

We may assign our rights and obligations under the Terms to any member of the HICL group or to any successor to that part of our business which includes the Site, provided always that the assignee undertakes to comply with our obligations under the Terms, or appoint one or more agents to provide all or any of the service and references to “we”, “us” or “our” will include references to such assignees and agents.

No delay or failure by you or us to exercise any of our or your powers, rights or remedies under these Terms shall operate as a waiver of them, nor shall any single or partial exercise of any such powers, rights or remedies preclude any other or further exercise of them. Any waiver to be effective must be in writing. The remedies provided in these Terms are cumulative and not exclusive of any remedies provided by law.

Governing Law

The terms are governed by and interpreted in accordance with the laws of England and Wales and the courts of this jurisdiction will have non-exclusive jurisdiction in respect of any dispute, which may arise.

Terms and Conditions

By accessing this website (‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms and also our Privacy Statement. By accessing this Site, you are indicating that you have read, acknowledged and agree to be bound by the Terms as detailed below. Note by accepting these Terms you also agree to “cookies” being placed on your computer (please see our Privacy Statement for further information on the cookies our website uses). If you do not agree to the Terms please refrain from using this Site.

The information on this Site (including these Terms) is current at the date of publication but is subject to change without notice. You should review these Terms regularly as your continued use constitutes agreement to all such changes. This Site and its content are the property of HICL Infrastructure Company Limited (‘HICL’) and is managed for HICL by InfraRed Capital Partners Limited (‘InfraRed’). InfraRed is authorised and regulated by the UK Financial Conduct Authority (‘FCA’), and is entered on the FCA Register with the Registration Number 195766. The FCA Register can be accessed at https://register.fca.org.uk/. InfraRed is registered in England, with company number 03364976 and with its registered office at 12 Charles II Street, London, SW1Y 4QU.

InfraRed is part of the InfraRed Partners LLP Group, a specialist real estate and infrastructure fund management business.

HICL is a Guernsey incorporated closed-ended investment company and is an alternative investment fund for the purposes of Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers (the “AIFMD” and the UK Alternative Investment Fund Managers Regulations 2013 (the “UK AIFMD Regulations”). The board of HICL are responsible for the portfolio and risk management of the company’s assets and therefore HICL is categorised as an internally managed non-EEA AIF for the purposes of the AIFMD and the UK AIFMD Regulations.

Should you wish to contact InfraRed or HICL please refer to the “Contact” menu which can be found on each page of the Site.

In these Terms

‘content’ means all pages, screens, information and materials included in or accessible through this Site (including any content available on any email).

‘you’, ‘your’ and ‘yours’ means you, the person(s) accessing this Site and the party on whose behalf you are doing so.

‘we’, ‘us’, and ‘our’ means HICL Infrastructure Company.

Terms

These Terms cover your use of this Site.

This Site may provide you with access to other websites which may be subject to their own terms and conditions. You should read their terms and conditions carefully before using the website in question.

This Site is intended for those who access it from within the United Kingdom. As a result, we cannot guarantee that the Site, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any other jurisdiction from which you access it. If you choose to access this Site from a jurisdiction other than the United Kingdom you do so at your own risk and neither HICL nor InfraRed will be liable for any breach of local law or regulation that you commit as a result of doing so.

If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

The information, material and content provided in the pages of the Site may be changed at any time. Changes may be made to these Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access to or use of the Site will mean that you agree to any changes.

No Offer

This Site and the information contained herein does not and is not intended to constitute a direct or indirect offering or placement of shares in HICL or the provision of investment management, advisory or other services to any person in any jurisdiction in which such solicitation is not authorised or to any person to whom it would be unlawful to make such solicitation. HICL’s ordinary shares may only be offered in each member state of the European Economic Area which has implemented the Prospectus Directive or where the Prospectus Directive is applied by the regulator (a “Relevant Member State”) in accordance with the AIFMD. By accessing this Site you confirm that you are in a Relevant Member State. HICL’s ordinary shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and HICL has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act 1940 (the “Investment Company Act”). Accordingly, HICL’s ordinary shares may not be offered, sold, pledged or otherwise transferred or delivered within the United States or to, or for the account or benefit of, any US persons (as defined in Regulation S under the Securities Act) except in a transaction meeting the requirements of an applicable exemption from the registration requirements of the Securities Act and in a manner that would not require registration of HICL under the Investment Company Act.

The content of this Site is general in nature. The Site is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of HICL for the circumstances of any particular investor. If you do require investment advice, please consult a suitably qualified professional adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing.

Investments Performance

Please note that the value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Where past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any income arising from any investment referred to on this Site may go down as well as up. In particular you may not get back the full amount invested. Where an investment is denominated in a currency other than Sterling, exchange rates may have an adverse effect on the value price or income of that investment. In the case of investments for which there is not a recognised market it may be difficult for investors to sell their investment or to obtain reliable information about its value or the extent of the risks to which it is exposed. The information contained in this Site is based on our understanding of current law, regulation and HM Revenue and Customs (“HMRC”) practice at the time of publishing. Future changes in law, regulation, tax levels or HMRC practice could affect the information on this website. Any forecast, projection or target is indicative only and is not guaranteed in any way. We accept no liability for any failure to meet such forecast, projection or target.

The following provisions under ‘No Warranties’ and ‘Exclusion of Our Liability’ exclude or limit our legal liability and that of InfraRed, for this Site. You should read them carefully. They all apply only as far as the law permits and in particular the duties and liabilities owed to shareholders or clients under the Financial Services and Markets Act 2000 or the rules of the Financial Conduct Authority for the conduct of business are not excluded or restricted.

No Warranties

Other than the warranties and representations contained in these Terms, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. We do not exclude or restrict our liabilities or duties to you where or to the extent that this is prohibited by law or regulation. Use of this Site is at your sole risk. We do not represent that:

any information contained on this Site will be accurate, complete or up to date or meet your specific requirements,

this Site will be available,

access to this Site will be uninterrupted or that there will be no delays, failures, errors or omissions or loss of information as this Site is transmitted to you,

no viruses or other contaminating or destructive materials or elements will be transmitted or that your computer system will not be damaged.

we do not provide any guarantee about the accuracy, functionality or performance of any third party software, content or equipment used in connection with this Site.

Exclusion of our Liability

To the extent permitted by law, HICL and/or InfraRed shall not be liable for any damage, loss or liability (whether arising in contract, tort, including negligence, or otherwise) arising out of or in connection with:

your use of this Site,

your reliance on or your inability to use the information on this Site, or

any failure or performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure to this Site or your use or attempted use of it.

The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data.

All of the above exclusions apply even if you have advised us or InfraRed of the possibility of the above types of damage, loss or liability.

Data Protection and Privacy

We are committed to protecting your privacy. All information gathered from you in connection with your use of the Site will be maintained in accordance with the applicable privacy policies disclosed for this Site (see our Privacy Statement).

Third Party Sites and Endorsements

This Site may provide links to third party websites or resources over which InfraRed or HICL has no control. These links are provided for your convenience which you may access at your sole discretion and entirely at your own risk. You should be aware that other websites are not subject to our privacy standards or procedures. You will need to contact the website owners directly to ascertain their privacy standards. We do not make any representation as to the accuracy or completeness of any linked websites, have not and will not review or update such websites and accept no responsibility for such websites.

Links to our Site

Neither you nor any other party may use any part of this Site on any other website, or link any other website to this Site, without our prior written permission. You may link to the home page of this Site, provided that you do so in a way that is fair and legal, does not damage our reputation or take advantage of it. You must establish a link to this Site in such a way not to suggest approval or endorsement on our part where none exists.

We are not responsible for the set up of any link from a third party website to our Site.

Neither you nor any other party may deep link to, frame, spider, harvest or scrape the Content or otherwise access the Content for any purposes, or use any machine, electronic, web based or similar device to read or extract the Content by machine based or automated means, without our prior written permission.

Internet and E-mail Communications

Messages sent over the internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or possible alteration. HICL and InfraRed are not responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.

Our Monitoring of Communications

To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.

Intellectual Property Rights

Our Rights – all intellectual property rights (including, without limitation, copyright, database rights, design rights, patents and trademarks) in the Content are owned by or licensed to us unless otherwise stated.

Copying by you and your access to the Site – you may print, copy, download or temporarily store extracts from this Site for your personal use. You must not alter any extract contained on or obtained from this Site in any form. Any other use is prohibited unless you first get our written permission. Without limiting the above, unless you first get our written consent, you may not reproduce, modify, adapt, transmit, publish, broadcast, create derivative works of, store, archive or in any way exploit any of the Content. Without limitation, neither you nor any other party may do any of the following without prior written consent from us:

create any data base in electronic or structured manual form by systematically downloading and storing all or any of the Content; or

redistribute any of the Content (including by using it as part of any syndication, content aggregation, archive or similar service); or

remove the copyright or trademark notice from any copies of Content made in accordance with these Terms.

You undertake not to use the Site for any purpose which is unlawful, abusive, libellous, obscene or threatening. You undertake to comply with any terms notified to you as required from time to time by any third party supplier of data or services to the Site, including but not limited to, where necessary, entering into a direct agreement with such third party in respect of your use of their data.

Any infringement of any of our intellectual property rights will result in appropriate legal action.

Trademarks

This Site contains names and logos that are registered trademarks owned by or licensed to companies within the HICL group. We may also claim trademarks and service marks in other marks contained within the pages of the Site. Use of any such names or logos is forbidden without our prior written consent.

Third Parties

HICL and InfraRed work with third parties to research certain usage and activities on our website on our behalf. No personal information about you is shared, however in the course of conducting this research these third parties may place a unique ‘cookie’ on your browser. For further information, please read our Privacy Statement.

Amendment / Withdrawal of Services

HICL reserves the right to make amendments and changes to the information on this Site or to withdraw access to this Site or any part of it at any time without notice. You are responsible for checking that this has not been updated since your last visit to the Site.

Your Queries

If you have any queries regarding these terms and conditions, then please write to us at HICL Infrastructure Company Limited, c/o Aztec Financial Services (Guernsey) Limited, PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, GY1 3PP.

General

We may assign our rights and obligations under the Terms to any member of the HICL group or to any successor to that part of our business which includes the Site, provided always that the assignee undertakes to comply with our obligations under the Terms, or appoint one or more agents to provide all or any of the service and references to “we”, “us” or “our” will include references to such assignees and agents.

No delay or failure by you or us to exercise any of our or your powers, rights or remedies under these Terms shall operate as a waiver of them, nor shall any single or partial exercise of any such powers, rights or remedies preclude any other or further exercise of them. Any waiver to be effective must be in writing. The remedies provided in these Terms are cumulative and not exclusive of any remedies provided by law.

Governing Law

The terms are governed by and interpreted in accordance with the laws of England and Wales and the courts of this jurisdiction will have non-exclusive jurisdiction in respect of any dispute, which may arise.